Financials adidas CINNOBER BOAT

Equities

0OLD

DE000A1EWWW0

Footwear

Real-time Estimate Tradegate Other stock markets 01:29:09 24/05/2024 am IST			5-day change	1st Jan Change
221.2 ^EUR	0.00%		0.00%	0.00%

22/05	Indices: On top of the world
21/05	Big city malls the future for Klepierre in battle with online	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	56,851	58,100	48,512	24,627	32,882	39,799	-	-
Enterprise Value (EV) ¹	58,565	59,294	47,179	27,302	34,430	43,614	43,069	42,207
P/E ratio	29 x	135 x	23.2 x	38.2 x	-438 x	74.2 x	32.9 x	22.4 x
Yield	1.33%	1.01%	1.3%	0.55%	0.38%	0.52%	1.2%	1.82%
Capitalization / Revenue	2.4 x	2.93 x	2.28 x	1.09 x	1.53 x	1.77 x	1.6 x	1.46 x
EV / Revenue	2.48 x	2.99 x	2.22 x	1.21 x	1.61 x	1.94 x	1.73 x	1.55 x
EV / EBITDA	15.1 x	28 x	15 x	13.4 x	23.3 x	22.9 x	14.1 x	10.7 x
EV / FCF	26.4 x	53.6 x	18.7 x	-22.1 x	16.2 x	38.4 x	28.2 x	19.1 x
FCF Yield	3.79%	1.87%	5.35%	-4.53%	6.17%	2.61%	3.55%	5.23%
Price to Book	8.36 x	9 x	6.54 x	4.56 x	7.18 x	7.8 x	6.48 x	5.27 x
Nbr of stocks (in thousands)	1,96,175	1,95,033	1,91,595	1,93,215	1,78,549	1,78,549	-	-
Reference price ²	289.8	297.9	253.2	127.5	184.2	225.4	225.4	225.4
Announcement Date	11/03/20	10/03/21	09/03/22	08/03/23	31/01/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,640	19,844	21,234	22,511	21,427	22,429	24,907	27,210
EBITDA ¹	3,874	2,121	3,135	2,044	1,480	1,901	3,045	3,939
EBIT ¹	2,660	751	1,986	669	268	800.1	1,851	2,660
Operating Margin	11.25%	3.78%	9.35%	2.97%	1.25%	3.57%	7.43%	9.77%
Earnings before Tax (EBT) ¹	2,558	575	1,852	388	65	849.9	1,707	2,423
Net income ¹	1,976	432	2,116	612	-75	543.9	1,233	1,809
Net margin	8.36%	2.18%	9.97%	2.72%	-0.35%	2.42%	4.95%	6.65%
EPS ²	10.00	2.210	10.90	3.340	-0.4200	3.037	6.850	10.06
Free Cash Flow ¹	2,221	1,107	2,525	-1,238	2,126	1,137	1,530	2,208
FCF margin	9.4%	5.58%	11.89%	-5.5%	9.92%	5.07%	6.14%	8.11%
FCF Conversion (EBITDA)	57.33%	52.19%	80.54%	-	143.65%	59.82%	50.23%	56.05%
FCF Conversion (Net income)	112.4%	256.25%	119.33%	-	-	209.08%	124.06%	122.02%
Dividend per Share ²	3.850	3.000	3.300	0.7000	0.7000	1.166	2.715	4.101
Announcement Date	11/03/20	10/03/21	09/03/22	08/03/23	31/01/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	12,248	8,332	11,512	10,345	5,137	10,889	5,302	5,596	6,408	5,205	5,274	5,343	10,617	5,999	4,811	10,810	5,458	5,531	6,494	6,359	5,386	6,112	6,227
EBITDA ¹	-	-	-	-	455	-	804	609	942	-379	341	474	-	732	-67	-	-	469.7	-	843.9	221	722.5	695
EBIT ¹	1,142	-268	-	1,248	67	738	437	392	564	-724	60	176	236	409	-377	32	336	226.4	-	570.1	-100.2	467.2	445.2
Operating Margin	9.32%	-3.22%	-	12.06%	1.3%	6.78%	8.24%	7.01%	8.8%	-13.91%	1.14%	3.29%	2.22%	6.82%	-7.84%	0.3%	6.16%	4.09%	-	8.97%	-1.86%	7.64%	7.15%
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	411	-	411	-	32	123	-	326	-415	-	245	290.5	-	538.1	-402.2	-	-
Net income	813	-	-	955	201	1,161	482	294	347	-512	-39	84	45	259	-379	-120	170	-	-	-	-	-	-
Net margin	6.64%	-	-	9.23%	3.91%	10.66%	9.09%	5.25%	5.42%	-9.84%	-0.74%	1.57%	0.42%	4.32%	-7.88%	-1.11%	3.11%	-	-	-	-	-	-
EPS ²	-	-	-	-	1.070	-	2.550	-	-	-	-0.2200	0.4700	0.2500	1.450	-2.120	-	0.9500	0.4750	-	1.995	-0.4350	-	-
Dividend per Share ²	-	-	-	-	3.300	-	-	-	-	0.7000	-	0.7000	-	-	0.7000	-	-	0.5788	-	0.2288	0.2288	0.5048	1.240
Announcement Date	11/03/20	06/08/20	10/03/21	05/08/21	09/03/22	09/03/22	06/05/22	04/08/22	09/11/22	08/03/23	05/05/23	24/07/23	24/07/23	08/11/23	31/01/24	31/01/24	17/04/24	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,714	1,194	-	2,675	1,548	3,816	3,270	2,408
Net Cash position ¹	-	-	1,333	-	-	-	-	-
Leverage (Debt/EBITDA)	0.4424 x	0.5629 x	-	1.309 x	1.046 x	2.007 x	1.074 x	0.6113 x
Free Cash Flow ¹	2,221	1,107	2,525	-1,238	2,126	1,137	1,530	2,208
ROE (net income / shareholders' equity)	30%	6.52%	30.3%	9.78%	-1.57%	12.4%	23%	28.6%
ROA (Net income/ Total Assets)	10.9%	2.07%	9.8%	2.88%	-0.39%	2.96%	6.83%	8.99%
Assets ¹	18,146	20,870	21,595	21,217	19,157	18,372	18,055	20,139
Book Value Per Share ²	34.70	33.10	38.70	28.00	25.70	28.90	34.80	42.80
Cash Flow per Share ²	14.30	7.610	16.40	-2.960	14.70	13.50	14.30	18.30
Capex ¹	598	379	667	695	504	621	685	717
Capex / Sales	2.53%	1.91%	3.14%	3.09%	2.35%	2.77%	2.75%	2.63%
Announcement Date	11/03/20	10/03/21	09/03/22	08/03/23	31/01/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for adidas

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

225.4 EUR

Average target price

223.6 EUR

Spread / Average Target

-0.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Sports & Outdoor Footwear

	1st Jan change	Capi.
NIKE, INC.	-15.81%	140B
ON HOLDING AG	+42.42%	11.98B
ASICS CORPORATION	+87.64%	9.44B
FENG TAY ENTERPRISES CO., LTD.	-10.00%	4.82B
KINGNET NETWORK CO., LTD.	-1.16%	3.29B
XTEP INTERNATIONAL HOLDINGS LIMITED	+26.98%	1.87B
361 DEGREES INTERNATIONAL LIMITED	+29.11%	1.23B
VULCABRAS S.A.	-23.78%	808M
FULGENT SUN INTERNATIONAL (HOLDING) CO., LTD.	-5.62%	751M

Sports & Outdoor Footwear